Looking for a Guaranteed Way Increase Revenue?
You can practically guarantee a boost in revenue and sales by implementing a Customized Loyalty Program.
Loyalty programs have long been a go-to for businesses to provide an extra value point or for them retain customers, but overall, it’s been a way to increase sales.
What are some examples of Loyalty Programs that work really well?
Here are a couple that you are probably familiar with, but may not have thought of in the realm of a Loyalty Program:
Supermarkets – Consider Kroger, the third largest private employer here in the US. They have a Kroger Plus Shopper’s Card which works like this; you go to their supermarket, you spend money, swipe the Shopper’s Card at the cash register and earn points which can then be redeemed for fuel discounts at their onsite fuel stations.
Airline Travel – Delta Air Lines has a SkyMiles program that offers points (or “miles”) to passengers traveling on most fare types which accumulate towards free rewards such as airline tickets, business and first-class upgrades, and luxury products.
Credit Cards – Many credit cards offer cash back rewards based on how much you spend (tiers) while others, such as the aforementioned Delta Air Lines, uses them for a variety of rewards for company specific perks.
As you can see, in today’s environment, you see loyalty programs all around you.
Because Loyalty Programs, Referral Programs and Membership Programs can be implemented in so many different ways; email coupon, a discount code, membership card to earn discounts, and a phone number / text, it means that Loyalty programs can have the ultimate “It” factor and won’t be disappearing anytime soon!
The philosophy and driving force behind loyalty programs is pretty simple:
Repeat customers are rewarded and businesses increase sales.
New customers are referred, feel there’s a value add and refer others while becoming repeat customers themselves.
It’s a wonderful revenue producing cycle once you get it started!
Here’s an interesting bit of trivia: statistically, a repeat customer spends 67 percent more on a given purchase than a new customer does!
Knowing this, wouldn’t it therefore make sense that they should be rewarded for their continual purchases?
Loyalty programs are an easy way for businesses to thank their customers and in turn, are a motivator for customers to become brand ambassadors – someone loyal to the brand, who stands behind the products and will share their experiences with their friends and family.
Creating Brand Ambassadors cannot only increase sales from new leads, but it can save money for a business as well. It can take a lot of resources to attract new customers and it has always been a tough proposition. Consider the fact that it costs the average business 6-7 times more to acquire a new customer than it does to retain a current one.
Having a Loyalty Program helps attract new customers (and new money) in the way of referrals and one of the nice side benefits is that as new leads make their way through the “sales journey”, they are given the opportunity to generate new leads too.
Finally, Loyalty Programs do not have to cost a fortune (thus keeping money in the bank!) A good customer-loyalty program is an easy way for businesses to show their personal side and remain competitive. With the growth of mobile and e-commerce, there is no need for printing since you can use digital customer loyalty programs.
Hopefully this has helped you see how a successful loyalty program can practically guarantee you an increase in sales. Would you like to learn more? We can schedule a 1-on-1 demonstration of some real-world applications or you can join one of our webinars.
Either way, we’re here to help you succeed.
Contact Us Today!
NextBee is the platform of choice for its ability to track loyalty metrics for both – sales and advocacy, reward option integration into shopping carts and subscriptions, personalized offers for the program members, and 24×7 available support.
NextBee enables you to build an army of loyal customers who are as excited about your brand as you are!